By Michael L. Moskowitz and Michele K. Jaspan
On June 23, 2016, Governor Andrew Cuomo signed into law Chapter 73 of the Laws of New York 2016. We addressed the new law in a previous post which you can see here. We will address these changes in two separate blog posts. This first post addresses vacant and abandoned properties. Part II will address changes to foreclosure settlement conferences and the required pre-foreclosure notices.
This legislation amends the Real Property Actions and Proceedings Law (“RPAPL”) and Civil Practice Law and Rules pertaining to residential mortgage loans and foreclosure. The changes go into effect on December 20, 2016. The new changes include provisions which govern procedures for vacant and abandoned properties, establish timelines for the sale of property post-foreclosure judgment, and provide enhanced protections for homeowners in default of their mortgage. The new legislation imposes new obligations on lenders which will surely increase costs and add potential liability as follows: